Wednesday, September 22, 2010

I could change the title to "Netflix Rallies on (Insert Any Reason Here)" but today's reason is a long expected Blockbuster bankruptcy. As if anyone is shocked. But just another reason to squeeze them shorts. Technically I am long Netflix but I have cut it down to a negligible position as I watch in wonderment the parabola in action.

Blockbuster Inc (BLOKA.PK) is preparing to file for Chapter 11 bankruptcy within the next few days, a source familiar with the video rental chain's plans said on Wednesday. Blockbuster Inc (BLOKA.PK) is preparing to file for Chapter 11 bankruptcy within the next few days, a source familiar with the video rental chain's plans said on Wednesday.

Blockbuster is working with debtholders to craft a plan in which it would continue operating but shutter hundreds more stores, said the source, who was not authorized to speak publicly about the situation. A bankruptcy filing is expected as early as Wednesday.

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